Saudi Arabia could sell stakes in Aramco: Crown Prince Deputy Crown Prince Mohammed bin Salman said sale 'would be in the interest of the Saudi market and of Aramco'

Deputy Crown Prince Mohammed bin Salman

Deputy Crown Prince Mohammed bin Salman

ANKARA (AA) – Saudi Arabia is considering selling shares in its flagship oil company Aramco, according to Deputy Crown Prince Mohammad bin Salman.

In an interview with The Economist released late on Thursday, bin Salman said that the move was under consideration, and that “a decision will be made over the next few months.”

“Personally I’m enthusiastic about this step. I believe it is in the interest of the Saudi market, and it is in the interest of Aramco,” bin Salman said.

The move would increase transparency at the Saudi oil concern, bin Salman said. Aramco has always been wholly owned by the government of Saudi Arabia.

Aramco holds 15 percent of global oil deposits. While the sale would raise revenue for Aramco at a time of low oil prices, it would also mean ceding some control of the company to shareholders.

Bin Salman also said he would seek to list Aramco on the national stock exchange. This would also mean that the company’s financial results would become public.

© 2016, Newstime Africa. All rights reserved. – The views expressed here are purely those of the author and not necessarily those of the publishers. – Newstime Africa content cannot be reproduced in any form – electronic or print – without prior consent of the Publishers. Copyright infringement will be pursued and perpetrators prosecuted.

17,987 total views, no views today

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.